Support for export as a non-standard Central Bank policy: foreign exchange interventions in the case of the Czech Republic

David Krizek () and Josef Brcak
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David Krizek: Czech University of Life Sciences Prague, Czech Republic
Josef Brcak: Czech University of Life Sciences Prague, Prague, Czech Republic

Eastern Journal of European Studies, 2021, vol. 12(1), 191-218

Abstract: Because of the crisis and, inter alia, to restore economic growth, some central banks have applied a non-standard monetary policy. In the case of the Czech Republic, this was in the form of foreign exchange interventions to support exports. Export is divided into sub-parts, which are examined by mainly using regression analysis in terms of changes in central bank indicators. The results show that foreign exchange interventions indeed had a positive impact on total exports, though considerably asymmetric. The standard instrument of the central bank, the Policy Interest Rate, has a much more significant impact on the industry.

Keywords: Central Bank; export; foreign exchange interventions; monetary policy; policy interest rate, (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:jes:journl:y:2021:v:12:p:191-218

DOI: 10.47743/ejes-2021-0108

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